News Corp. said Friday that its board has formally approved the firm's separation into two publicly traded companies, entertainment company 21st Century Fox and the publishing firm that will be known as the new News Corp.

The separation is expected to occur on June 28, the conglomerate said Friday. The board has approved the distribution of one share of the new News Corp. for every four shares of the current company.

The entertainment conglomerate also announced appointments to the boards of both companies. Rupert Murdoch and sons James and Lachlan Murdoch will sit on both boards. President and COO Chase Carey will only sit on the board of the entertainment company.

The company also authorized a $500 million stock repurchase program for the new News Corp. following completion of the separation and unveiled a rights plan designed to protect new News Corp. and its shareholders from unwanted purchases by any investors of a sizeable stake that could lead to a takeover attempt.

“Today’s announcement is a significant step in creating two independent companies with the world’s leading portfolios of publishing and media and entertainment assets,” said Rupert Murdoch, who will serve as chairman and CEO of 21st Century Fox and executive chairman of the new News Corp. “We continue to believe that the separation will unlock the true value of both companies and their distinct assets, enabling investors to benefit from the separate strategic opportunities resulting from more focused management of each division.”